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Vancouver’s 2024 Outlook – Anticipating a 7.6% Increase in Property Taxes

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Brace yourselves for some tax talk in Vancouver. The city’s buzzing about a potential 7.6% property tax hike in 2024, as outlined in the draft budget ahead of the December City Council showdown. Now, it’s a tad lower than the 2023 increase but still a notch above the historical average.

The City’s eyeing an average annual increase of 5% to 7% between 2024 and 2028, based on new revenue opportunities, service upgrades, and hooking up with the provincial and federal governments. So, what’s in store for your wallet? For 2024, expect a $100 bump for a median condo, $170 for a median residential unit, $263 for a single-family home, and $478 for a median business property.

Now, where’s all that money going? Half of the tax revenue hike goes into “all City services” and managing uncertain costs, 37% is for beefing up the Vancouver Police Department, and 13% slides into infrastructure renewal, continuing that 1% property tax increase for the city’s aging sewers.

Big news – the City’s operating budget is hitting a whopping $2.15 billion, with chunks allocated to the Vancouver Police Department, Fire Rescue, Park Board, utilities, engineering public works, and the Vancouver Public Library.

Mayor Ken Sim’s promising a more moderate approach after the double-digit tax drama of 2023. His task force of financial wizards is about to drop some insights on how to streamline the city’s budget. So, stay tuned for that!

And just to clear things up, the operating budget isn’t the same as the capital budget, which covers major constructions. The 2024 capital budget is eyeing $1.25 billion, including funds for the Marpole Community Centre and facelifts for Granville Street Bridge and Cambie Street Bridge.

In the long run, the City’s navigating a strategy shift between debt financing and pay-as-you-go. The key is finding a balance without squeezing future budgets too tight.

So, Vancouverites, get ready for some budget juggling, and let’s see what surprises the financial wizards have in store!

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